Prep the picanha by trimming any silver skin from the bottom side. Use a sharp knife to score the fat cap in a 1⁄2 inch cross-hatch pattern. This will help render the fat. Drizzle lightly with oil and generously season all over with kosher salt. Allow to sit for at least 1 hour at room temperature, or ideally refrigerate overnight.
Preheat your grill, smoker, or oven to 250°-275°F (120°-135° C), setting up for indirect low and slow cooking. If using smoker, add preferred wood chunks/chips such as oak or hickory.
Place picanha on the cool side of the grill or smoker fat-side up. Insert probe thermometer into the thickest part of the meat. Close tje lid and cook until the internal temperature reaches 115°F (46 ° C), about 60-90 minutes.
Once at 115°F internal, remove picanha and increase grill temperature to high heat. Alternatively, heat a heavy skillet over high heat on the stove.
Sear the picanha for about 2 minutes per side, until a nice crust forms on the exterior and the internal temperature reaches 130°-135°F (54°-57° C) for medium-rare doneness.
Allow the steak to rest for 10 minutes before slicing against the grain into strips or medallions. Sprinkle with a bit more salt before serving. Enjoy with chimichurri sauce or your favorite sauce and sides./
Notes
Dry brine the night before with kosher salt for more flavor. Season on a wire rack and refrigerate uncovered overnight. Remove from the refrigerator 1 hour prior to cooking.
Study the grain before cooking so you know which direction to slice it.